Guaranteed Asset Protection (GAP)

Vehicle peace of mind for only $349!

Accidents happen. Vehicle theft happens. Why make a difficult situation worse? In the event your vehicle is totaled or stolen, PenFed GAP protection pays the difference between what your insurance company pays for the loss and the amount you owe on your loan.

What would you do in this situation if the amount the insurance company provided you as a settlement was less then what you owed on your loan?

3 Reasons you should protect your vehicle loan with PenFed GAP

Low cost! For a low one-time cost of $349 you can protect your auto loan.

The sooner you add GAP coverage, the better. Regardless of the make, model or mileage of your vehicle, you can cover your loan with GAP. Add it during your loan application or on an existing loan - the price is the same, the coverage is the same.

$1,000 towards a replacement vehicle! If you need to file a claim due to a vehicle total loss, and you finance with PenFed we will provide an additional $1,000 toward the financing of a replacement vehicle. Even if your vehicle is paid off in full from the settlement, we will still provide the additional $1,000 toward the financing of a replacement vehicle.

Need more reasons? Check out these other reasons to consider GAP:

60-day cancellation period with full reimbursement

Covers primary insurance deductible up to $1,000

Protection is provided for the term of the loan (up to 84 months)

Be sure to add GAP coverage when you apply for your PenFed vehicle loan online or call and talk to a representative at 800-247-5626.

These products are optional. Insurance products are not a deposit or obligation of, or guaranteed by, PenFed or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. You may obtain insurance to protect your loan from an entity not affiliated with PenFed.Rates are current as of March 2015 unless otherwise noted and are subject to change. APY = Annual Percentage Yield APR = Annual Percentage Rate

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* In states other than Florida, Michigan, and Texas, the maximum owner occupied CLTV (combined loan to value) for a PenFed Home Equity Loan is 85%, non-owner occupied is 75%. In Florida and Michigan, the maximum owner occupied CLTV is 70%. In Texas, the maximum owner occupied CLTV allowed is 80% and non-owner occupied is CLTV 75%. Additional restrictions apply in Texas, so please ask a representative for details. The maximum CLTV on condominiums in all states is 70%.